As the neutral Hong Kong shipping flag becomes increasingly attractive amid Red Sea attacks, the city should grow its own logistics brand and cultivate connections with belt and road countries such as Djibouti.
Hong Kong must be literate and competent on these top three global dangers to stay current and take the lead in climate adaptation, regional AI standards and bridge-building in a fracturing world.
Amid geopolitical tension and intensifying competition from Singapore, a status quo-oriented approach is unlikely to rejuvenate Hong Kong. The government should strengthen partnerships with the private sector to attract talent, foster innovation and secure Hong Kong’s future.
More highly educated and tech-savvy than previous generations, young people around the world are rising to global challenges with empathy and innovation.
Despite the prevalence of technology in our lives and the heavy focus on STEM education, employers are also looking for people with ‘soft skills’. A liberal arts education which helps students develop these vital skills is essential to training the city’s future workforce and building a better society.
As states are increasingly divided into competing blocs, cities rise as hubs that hold together the unravelling fabric of a deglobalising world. Cities’ ability to build and extend new connections will be crucial, and the Greater Bay Area is fertile ground for Hong Kong to do just that.
With the world’s largest free trade deal close to being ratified by all members, East Asia is taking a significant step towards greater economic integration. The deal underscores the US’ waning influence in a region increasingly defined by a rising China.
As a member of the mega trade partnership, Hong Kong could serve as a bridge between regional economies – a role it knows well. Helping to expand trade links across Asia would strengthen the region’s supply chain resilience, while also restoring our city’s ‘international‘ status.
Sustaining Hong Kong’s workforce and economic engine requires re-evaluating our traditional approach to retirement. Empowering retirees and older workers, and bolstering their skills, will help Hong Kong seize the opportunities created by longer life expectancy.
Hong Kong’s nightlife need not be limited to eating and drinking; art galleries, book stores, museums and other cultural spaces should be encouraged to stay open late. Diversifying the evening economy will bolster local tourism and foster a new sense of identity and culture.
Unprepared for pandemic-driven supply chain disruptions, Hong Kong must shift from a ‘just-in-time’ to a ‘just-in-case’ strategy with the help of smart tech. Digital and autonomous technology can improve communication and cooperation between supply chain nodes, while reducing dependency on human operators.
Despite supply chain chaos, geopolitical tensions and rising competition, Hong Kong can still thrive in an evolving regional economy. Improving infrastructure connectivity and adopting smart technology can help the city hold onto its position as a leading trade and finance hub.
The best technology in the world is not enough if there is no public engagement, or where there is fear and mistrust, especially over data privacy. Beyond consenting to surrender personal data, the public should be invited to participate in policy design and implementation.
Faced with an ageing population, Hong Kong must break away from traditional life planning. When we reimagine longevity as ‘younger for longer’, not ‘older for longer’, we can allow ‘younger’ people to continue learning and contributing to the economy.
Its role as a regional trendsetter, with superior R&D capabilities in textiles and apparel, and good networks in East Asia, are competitive advantages the city would be foolish not to leverage – particularly as the RCEP kicks in.